ADIB Egypt's net profits grow by 91.5%, recording EGP 6.81bn during 9M- 2024

The consolidated financial statements of Abu Dhabi Islamic Bank-Egypt, released on EGX's official website, revealed an increase in its net profits by 91.5%, reaching EGP 6.81 bn during the first 9 months of 2024, compared to EGP 3.55 bn during the same period of 2023, achieving an increase of EGP 3.3 bn.

The bank's pre-tax profit also witnessed a growth rate of 87.5%, amounting to an increase of EGP 87.5 bn, recording EGP 9.28 bn during the first 9M- 2024 compared to EGP 4.95 bn during the same period of 2023.

Net interest income increased by 76.7%, reaching EGP 11.03 bn in the first 9 months of 2024, compared to EGP 6.24 bn in the same period of 2023, an increase of EGP 4.79bn.

Net fees and commissions income rose to EGP 1.48 bn during the first 9 months of 2024, compared to EGP 1.26 bn during the same period in 2023, with a growth rate of 17.8%, and an increase of EGP 224.5 mn.

Total customer finance surged by 40.3%, amounting to EGP 95.2 bn by end of September 2024 compared to EGP 67.85 bn by the end of December 2023.

The bank's total asset portfolio jumped from EGP 162.25 bn at the end of 2023 to EGP 239.33 bn at the end of September 2024, with a growth rate of 47%, and an increase of EGP 76 bn.

The bank’s total deposits grew by 45%, with an increase of EGP 57 bn during the first 9 months of the current year, reaching EGP 184 bn by September 2024 End, compared to EGP 127bn by the end of 2023.